Ann: Presentation Griffith Hack Acquisition and Entitlement Offer, page-2

It's annoying I know to be asked to stump up cash all the time at a discount to the current price. That's what you need to expect from an aggregator. SDA is another classic example. 20% discount is pretty standard.

At first glance the multiple looks high but this transaction doubles and more the size of the business. Big strategic value. It's a lot better to do this than buy the 1% market share operators whose clients are not as sticky.

Not far from where there limit is re Australian market share now so South East Asian presence is next priority.

It's interesting to compare the EBITDA margins of the combined group with IPH which enjoys 45%. This is a lot higher than the new XIP at around 20%. Might have something to do with revenue mix but I suspect they can improve this even beyond the synergies identified.